The National Association of Manufacturers has adopted the following:—

"Resolved, that the timber and stone act shall be repealed and that all public timber lands shall be included in permanent forest reserves, the title to the land to be forever retained by the National Government, stumpage only of matured timber to be sold, and young timber to be preserved for future cutting, so that the forests will be perpetuated by right use; and that the National Government shall, by the reservation of purchase of existing forest lands, and the planting of new forests, create in every State National forest plantations from which, through all the years to come, a sufficient supply of wood and timber can be annually harvested to supply the needs of the people of each State from the forest plantations in that State, and that the necessary legislation should be immediately enacted by Congress to create the National forest reserves known as the White Mountain and the Appalachian reserves."

The experiment of a safety fund for the insurance of bank depositors, which has sometimes been proposed for National banks, is now being tried by the State banks of Oklahoma. There is to be a tax of one per cent on the average deposits of each bank, to accumulate a fund from which the depositors of any bank which may fail will at once be paid in full. It amounts, therefore, to a State guarantee of deposits in recognized and supervised State banks. A tendency has already appeared on the part of depositors to cross the State line from Kansas and Texas in order to secure the benefits of the law, which will make the bankers of these States keen to have similar laws passed for their own advantage.

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March 28, 1908

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